Page 9 - Gift City

Considering allowing depositary receipts on Indian stocks: IFSCA chief

Srinivas said allowing DRs will shift foreign investor flows coming through the participatory note (pnotes) route

FPIs' flight to GIFT City hits air pocket; IFSCA seeks clarity on tax

IFSCA seeks clarity from I-T to clear the decks for more FPIs to re-domicile in GIFT City IFSC

RBI permits international banking units at IFSC to settle NDDCs in rupee

The Reserve Bank on Tuesday permitted international banking units (IBUs) in GIFT City in Gujarat to settle non-deliverable foreign exchange derivative contracts (NDDCs) in Indian rupee. So far, derivatives are cash-settled in foreign currency. As per the notification, Authorised Dealer (AD) Category-I banks operating IBUs can offer NDDCs involving the Indian rupee to resident non-retail users for hedging. Such transactions shall be cash settled in Indian rupee. "The flexibility of cash settlement of NDDCs transactions between two AD Cat-I banks, and between an AD Cat-I bank and a person resident outside India in INR or any foreign currency," it said. This will help develop the onshore rupee NDDC market and provide residents with the flexibility to efficiently design their hedging programmes, it said. The RBI's decision to allow banks to offer Indian residents rupee NDDCs will help eliminate arbitrage between domestic and overseas markets. Banks in India, which operate Internation

Bourses push Sebi to allow longer F&O hours amid Gift Nifty launch

Move comes amid threat that global investors would shift trading to Gift City to avail tax benefits

SGX Nifty will be renamed as GIFT Nifty from July 3, confirms NSE

On April 17, SGX had issued a circular on migrating all Nifty positions to NSE IFSC

GIFT City offers 'ecosystem for economic development': Arunachal CM

The Gujarat International Finance Tec-City in Gandhinagar presents an unprecedented ecosystem for crucial economic development, Arunachal Pradesh Chief Minister Pema Khandu said on Monday. Khandu, who is currently visiting Gujarat, said the Sardar Sarovar Dam is an engineering marvel of modern India that is progressing at a "scorching speed" under the "visionary leadership" of Prime Minister Narendra Modi. "Glad to have visited Gujarat International Finance Tec-City (GIFT) in Gandhinagar district of Gujarat. It is being developed as a state-of-the-art financial hub. It is a pre-eminent, futuristic city built on the foundation of sustainability. GIFT City presents an unprecedented ecosystem for crucial economic development," he said on Twitter. The Arunachal Pradesh chief minister also visited the automatic waste collection and sewage treatment and the utility tunnel at GIFT City. He said the tunnel will accommodate all the utilities, including power cables, raw water supply pipelin

PM Modi greenlights India campus for Australian university by 2023-end

An Australian university, which had vehemently denied media reports of placing restrictions on Indian students last month, received official approval to establish a campus in Gujarat's GIFT city

PM Modi visits GIFT City in Gujarat, reviews progress of ongoing projects

Prime Minister Narendra Modi visited Gujarat International Finance Tec-City or GIFT City near Gandhinagar on Friday evening, officials said. The prime minister was on a one-day visit to Gujarat. He reviewed the status of various ongoing projects at GIFT City and also interacted with the top officials of various entities which operate from the GIFT International Financial Services Centre (GIFT IFSC). The prime minister also visited GIFT City's key infrastructure facilities including an underground utility tunnel and automated waste collection-segregation plant. Earlier in the day, Modi addressed a gathering of teachers at the 29th Biennial Educational Conference organised by the All India Primary Teachers Federation near the state capital. Later in the afternoon, he inaugurated or laid foundation stones of various projects worth around Rs 4,400 crore from the Mahatma Mandir convention centre in Gandhinagar.

Alchemy India Long Term Fund relocates from Mauritius to Gift City IFSC

Industry players said more such funds could move to Gift City as the tax treatment is now at par with other global jurisdiction

IFSC relaxation may boost trade in foreign stocks at the GIFT City

RBI removed requirement of repatriating funds lying idle in FCA accounts

RBI removes restrictions on individuals from opening interest-earning FCAs

The long-awaited amendment by the RBI now puts IFSC at par with other jurisdictions when it comes to remittances

IndusInd Bank signs $100 mn loan deal with JBIC to push Japanese equipment

Under the deal, IndusInd Bank will offer credit to firms in the supply chain of Japanese OEMs in India, and to final buyers of construction machinery made by Japanese firms

SGX NSE Connect to become fully operational from July 3 at GIFT City

From July 3, all dollar-dominated Nifty derivatives contracts to be exclusively traded on NSE IFSC

Citi launches its branch in GIFT IFSC; to offer financing solutions

The branch will offer external commercial borrowings and trade loans, addressing foreign currency funding requirements of multinationals, large local corporates and financial institutions

STT hike to GST appellate tribunal: Key takeaways from Finance Bill 2023

Finance Bill 2023: Debt funds with less than or equal to 35 per cent invested in equity shares will be taxed at the investors' income tax slab and treated as short-term capital gains

SVB collapse: Start-ups seek govt's help to bring money to India

Most of the stakeholders present in the meeting have been able to withdraw their deposits from SVB since Monday morning

SVB fallout: Fintech, venture capital companies come to the rescue

Razorpay is offering domestic start-up clients to move their money into their Indian current accounts as FDI through the firm's partner banks

Deakin University's Indian teachers to get trained in Australia

"I want to really emphasise that these will not be a small cohort of staff employed in India, but Deakin staff who happen to be employed in India. That's not the same," Martin said

Deakin University to start PG courses in cyber security, business analytics

Initial size of international branch campus to be 25,000 sq ft for a batch of 60 students each for the two programs

India's GIFT City campus to be Deakin University's 1st international foray

University of Wollongong also likely to announce a campus